MULTI-FAMILY HOMES STAY HOT IN AIRDRIE, COCHRANE
Multi-family housing cooled off in the Calgary area over the first six months of 2016, but there were gains in Airdrie and Cochrane.
There was more new construction for the segment in Airdrie, and Cochrane’s resale activity ramped up from the same days a year earlier. Here are six things about the new and resale markets for duplexes, townhomes and apartments in both centres through the first half of this year.
CONSTRUCTION STARTS
More shovels turned for townhomes in Airdrie in the first half of this year than during the same period a year ago, says Canada Mortgage and Housing Corp. There were 127 townhomes in the ground between Jan. 1 and the end of June compared to 96 a year ago. In contrast, the Calgary census metropolitan area, which includes activity in Airdrie, slipped to 550 starts from 1,024 year over year.
ATTACHED HOME SALES
Over the first six months of 2016, there were new owners for 96 attached homes in Cochrane, says the Calgary Real Estate Board. A year earlier, there were 84 of these sales. CREB views attached homes as a combination of activity from duplexes and townhomes. At the same time, new listings for attached homes in the heritage town jumped to 212 from 84.
NEW DUPLEXES
There were 50 more construction starts for duplexes in Airdrie over the first half of 2016 than the same time a year ago. Eighty broke ground six months into this year compared to 30 during the same months in 2015. The only part of the Calgary area with more duplex starts this year is a stretch of southeast Calgary comprised of Auburn Bay, Mahogany and Cranston, which had 92.
AFFORDABLE CHOICES
There were more affordable options for attached homes in both Airdrie and Cochrane this year than the same time in 2015. The benchmark price for attached homes in Cochrane over the first six months of 2016 slipped to $322,733 from $336,983. Meanwhile, Airdrie’s benchmark price was $270,033, which was down from $293,300, says CREB. Benchmark prices are those of typical homes, based on a formula that uses various factors to ensure accurate comparisons.
MORE CHOICES
There was a wider selection for people eyeing a quick move to a new duplex, townhome or apartment in Airdrie while, in Cochrane, the count was similar to the same time 2015. At the end of June, there were 17 duplexes, seven townhomes and 49 apartments that were completed but unabsorbed in Airdrie, says CMHC. Cochrane had 14 duplexes, eight townhomes and six apartments.
ASKING VERSUS SELLING PRICE
People selling their attached home in Cochrane received 98.37 per cent of their listings price, says CREB. In Airdrie, the sale price to listing price ratio was 97.76 per cent. For apartment sales, Airdrie’s was 94.8 per cent and Cochrane’s was 94.81 per cent.